FIGS, Inc. ( (FIGS) ) has released its Q4 earnings. Here is a breakdown of the information FIGS, Inc. presented to its investors.
FIGS, Inc., a leading healthcare apparel brand, specializes in creating advanced apparel for healthcare professionals, focusing on comfort, durability, and style. The company recently announced its financial results for the fourth quarter and full year 2024, showcasing a modest growth in net revenues and strategic initiatives aimed at long-term growth.
In the fourth quarter of 2024, FIGS reported net revenues of $151.8 million, marking a 4.8% increase year over year, driven primarily by existing customer orders. The company’s scrubwear and non-scrubwear segments saw revenue increases, with international sales showing significant growth of 45.2%. However, the U.S. market experienced a slight decline. Despite a decrease in net income and adjusted EBITDA compared to the previous year, the company maintained a strong gross margin of 67.3%.
For the full year 2024, FIGS achieved net revenues of $555.6 million, a 1.8% rise from the previous year, supported by increased orders from existing customers. While the U.S. market saw a decline, international revenues surged by 30.6%. Operating expenses rose due to investments in marketing and fulfillment centers, impacting the net income margin, which fell to 0.5% from 4.1% the previous year. The company also announced a $50 million increase in its share repurchase program, reflecting confidence in its financial stability.
Looking ahead, FIGS plans to focus on product innovation and strengthening its connection with the healthcare community to drive sustainable growth. The company anticipates a slight decline in net revenues for 2025 but remains optimistic about its strategic initiatives and the long-term potential of the healthcare industry.